Twitter and <a href="https://www.cryptoknowmics.com/news/jack-dorseys-square-is-curious-about-bitcoin-mining/">Square</a> CEO Jack Dorsey tweeted about the coming of hyperinflation in the U.S. and the rest of the world, saying “Hyperinflation is going to change everything,” adding, “It’s happening.”
<h2><strong>Twitter CEO Warns on Hyperinflation</strong></h2>
In response to a user comment, Jack Dorsey <a href="https://twitter.com/jack/status/1451735753117999104" target="_blank" rel="nofollow noopener">tweeted</a> that inflation will soon hit the global economy soon, saying "It will happen in the US soon, and so the world."

Hyperinflation is when overall price increases happen faster in excess of 50% per month. Dorsey’s tweet comes as consumer price inflation is at its highest level in 30 years.

The Consumer Price Index, a measure of US inflation rose 0.4% last month, the Bureau of Labor Statistics reported. That exceeded the median forecast of a 0.3% gain from economists surveyed by Bloomberg, Insider's Ben Winck, and Andy Kiersz.

Federal Reserve Chairman <a href="https://www.cryptoknowmics.com/news/u-s-fed-will-publish-paper-on-cbdc-soon-jerome-powell/">Jerome Powell</a> acknowledged last week that inflation pressures “are likely to last longer than previously expected,” and could run “well into next year.”
<h2><strong>Bitcoin Fixes This</strong></h2>
However, many disagreed with Dorsey saying that hyperinflation is not going to happen in the U.S. with Patrick Horan, program manager for Monetary Policy at the Mercatus Center at George Mason University, saying: <em>“In the United States, hyperinflation is not happening.” </em>His colleague, Lawrence White, professor of economics said,
<blockquote><em>“What’s happening is higher inflation, not hyperinflation (except in Venezuela). It’s too bad that Twitter doesn’t allow Jack to edit his tweet.”</em></blockquote>
Daniel Drezner, professor at Tufts University’s Fletcher School, noted: “I lived through actual hyperinflation in Ukraine in the early 1990s. This ain’t it mate.” Economist Steve Hanke, a bitcoin skeptic and an expert on inflation and hyperinflation, commented:

<em>“There have been 62 certified hyperinflations in world history. At present, no country is experiencing hyperinflation. Jack should know better than to tweet irresponsible public statements.”</em>

Some people rejoiced over Dorsey’s warning, tweeting, “Thank God for bitcoin,” noting that BTC will inevitably become the world’s reserve currency.

Jack Dorsey Warns Hyperinflation Will Soon Hit the Global Economy

Jack Dorsey tweeted about the coming of hyperinflation in the U.S. and the rest of the world, saying “Hyperinflation is going to change everything."

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Jack Dorsey Warns Hyperinflation Will Soon Hit the Global Economy

Top Picks